Today let's talk about
our recent Wells Fargo Short Sale battle.
Yes I say battle because
that is what it was. Wells Fargo Short Sales are known to be
tough. It is not the negotiations but the level of detail required for
approval. It like getting loan underwriting in reverse. Every "I"
must be dotted and every "T" crossed for the file to get past the
processor gate keeper and on to the decision makers.
In this case we had
already done the battle and had secured the Wells Fargo Short Sale Approval letter. We
were in contract but the deal was not going as it should have. There was an
underlying almost passive aggressive relationship with the new buyers.
Inspections were delayed and the appraisal was late. The buyers switched
lenders more than once without telling us and the BS hairs on the back of my
neck we going whoo whoo whoo. Ultimately we issued a notice to perform and as
we thought the buyers cancelled.
Within 3 days we had new
buyers at the exact same sales price, terms and net as the previous offer. Now
you would think that with the same sales price and the same net we would be
able to simply change out the names and move to close this Wells Fargo Short Sale -- ohhh no that would
be way to easy.
We were required to
start at the very beginning. In fact we had to battle the negotiator and
ultimately escalate the file to get the approval. The negotiator had actually
declined the file -- how silly is that to decline a file that has already been
approved. It was truly a battle of the wits with an unarmed person!
Because we don't take no
for an answer and knew the deal was right for all involved we stuck with it.
The crazy part of it was -- the Wells Fargo Short Sale approval to change
the names out took longer than the original Wells Fargo Short Sale approval.
In the end we persevered
and were able to keep another family from losing their home to foreclosure.
They are now renting a nicer house that is as nice or nicer than the one they
were living in for about half the monthly payment. Two to three years from now
they will be able to purchase a new home for less than half of what their previous
mortgage was.
Is a West Sacramento Short Sale Right for Me?
Call me and let's discuss your particular situation. To get a better idea of when your West Sacramento home will be worth what you owe, log
in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you'll be glad you did
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